6 Responses

When the US administration allowed and encouraged conversion of manufacturing jobs into investment banking and speculations, it opened the economy to future crises. In the last 8 years, there was a dramatic drop in manufacturing jobs, production and exports while the economy was unsustainable. With a trade growing deficit with China, service jobs exported to India and more people unable to meet the ends (pay mortgage, health insurance) the only thing that produced illusions of a strong economic growth was Wall Street. Bank executives “sold” their “success”, the admistration who doesn’t have a clue bought the stories, the responsible persons in the administrations covered up for their banking executives friends and the baloon filled with nothing but illusions collapsed.

I hope the US administration will finally understand that stating that USA is the greatest country on earth doesn’t make us being so great but greatness and strength is measured in industrial output. Wall Street is an aberation and a parazite entity which sucked the blood and the attention from the main values and pride of US. I think Wall Street was instrumental is distruction of the US industrial power and shift to financial speculations. The last month events and collapse only strengthen the above argument.

Peter, thank you for your assessment! I completely agree with you and have for a long time. It’s wonderful to know that there is somebody else out there who has put their finger on the real problem in this country!